Deel, a leading payroll and HR company, has announced that new anchor investors, including General Catalyst and a sovereign investor, have purchased nearly $300 million in Deel secondaries from early investors. This investment highlights Deel’s strong growth trajectory and the confidence investors have in its long-term vision.
Additionally, Deel revealed that it has reached a run rate of $800 million as of December 2024, reflecting a remarkable 70% year-over-year growth. The company has been profitable for more than two years, demonstrating its solid business foundation and scalability.
Key Milestones and Achievements
- Impressive Revenue Growth
Deel achieved a run rate of $800 million by the end of 2024, marking a 70% increase compared to the previous year. - Sustained Profitability
The company has been profitable for more than two years, a rare feat for a business of its size in the global HRTech space. - Evolution from Startup to Market Leader
Since its graduation from Y Combinator in 2019, Deel has grown from a two-product hiring solution to a full-stack global workforce management platform. The solution now integrates HRIS, payroll, compliance, benefits, and performance management in over 150 countries.
Investor Support and Vision
Jeannette zu Fürstenberg, Managing Director of General Catalyst and Founding Partner of La Famiglia, shared the firm’s enthusiasm about Deel’s future, stating:
“We are proud to deepen our investment in Deel, a transformative platform that empowers global workforce enablement and drives economic growth worldwide. Deel’s focus on helping large enterprises navigate the complexities of a global workforce aligns perfectly with our mission to back bold ideas that create enduring value.”
New Board Members to Strengthen Future Growth
In 2024, Deel welcomed two new independent board members to guide its future strategy:
- Francis deSouza, former CEO of Illumina and former board member at The Walt Disney Corporation
- Todd Ford, veteran board member and joint President and CFO at Coupa Software
These appointments reinforce Deel’s commitment to scaling its business and enhancing its leadership team as it prepares for further growth.
Deel co-founder and CEO Alex Bouaziz emphasized the company’s readiness for a significant year ahead:
“2024 was a remarkable year in terms of business growth and product innovation. We’re gearing up for an even bigger 2025. We look forward to working with our new anchor investors to continue this momentum.”
Deel’s continued growth and investment success solidify its position as a leader in global workforce management. With strategic investor support, a robust product suite, and a strong leadership team, Deel is well-positioned to drive innovation and help businesses navigate the complexities of managing a global workforce.